Core Insights - NVIDIA's adoption of liquid cooling technology for its B100/H200 AI servers marks a significant shift, elevating liquid cooling from an optional technology to a necessary configuration for AI servers, driven by surging computational power demands and energy efficiency regulations [1][2] Group 1: Liquid Cooling Technology Adoption - NVIDIA's GB300 series AI server cabinets will begin mass production by the end of 2025, with the Vera Rubin platform expected to launch in the second half of 2026, further enhancing the value of liquid cooling [1] - The power consumption of AI servers has increased from 3000W to over 10000W, making traditional air cooling inadequate; Goldman Sachs projects that the penetration rate of liquid cooling in AI servers will rise from 15% in 2024 to 45% by 2025 [1] - The Ministry of Industry and Information Technology mandates that new large data centers maintain a Power Usage Effectiveness (PUE) of below 1.2, with liquid cooling being the only solution capable of consistently meeting this requirement [1] Group 2: Market Growth and Financial Implications - The value of liquid cooling components in NVIDIA's GB300 NVL72 rack-level AI systems is estimated at $49,860, representing a nearly 20% increase from previous generations [1] - The Chinese liquid cooling server market is projected to reach $3.39 billion by 2025, with a year-on-year growth rate of 42.6%; the compound annual growth rate from 2025 to 2029 is expected to remain at 48%, with the market potentially exceeding $16.2 billion by 2028 [1] - The widespread adoption of liquid cooling by NVIDIA strengthens the growth certainty of the liquid cooling sector, benefiting core equipment and component manufacturers directly [2]

23日，消息称字节跳动已经决定在2026年面向人工智能领域的资本支出计划，总支出预计高达1600亿元 人民币，相较于2025年增长幅度为6.7%，再次印证了全球AI产业正处于高速扩张的黄金周期。 据知情人士透露，字节跳动总支出中约半数将用于采购先进半导体，以开发人工智能模型及应用。该知 情人士补充称，尽管中国头部企业能否获得英伟达芯片仍存在不确定性，但字节跳动已将明年人工智能 处理器的预算定为 850 亿元。 如此大规模的 AI 业务扩张，对服务器等硬件设备的需求呈现井喷式增长，而联想集团，作为全球服务 器市场的重要参与者，无疑将成为最直接的受益方之一。作为全球领先的智能硬件与算力基础设施服务 商，联想早就是字节跳动在算力领域的重要合作伙伴，尤其在服务器供应方面，双方合作已形成稳定且 深度的绑定。此次字节跳动1600亿元资本支出中，除半导体采购外，剩余巨额资金将重点投向AI计算 中心建设、算力集群搭建等基础设施领域，这必然带来服务器需求的大幅增长，联想作为核心供应商有 望直接承接大额订单，进一步扩大市场份额。 据业内人士分析，此次字节跳动大幅提升半导体采购预算，预计将进一步带动其对联想高端服务器、存 储及数据 ...

Core Insights - The AI hardware sector is experiencing significant growth, with key players like Nvidia and its supply chain companies reaching new historical highs in stock prices [1][3][5] - Nvidia plans to deliver its H200 AI chips to Chinese customers by mid-February 2024, with an expected shipment of 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 chips [1] - The GB300 server series from Nvidia is expected to see a substantial increase in shipments, with a projected 129% year-on-year growth, reaching 55,000 units in 2024 [2] Nvidia's Supply Chain Developments - Nvidia's core suppliers, including Zhongji Xuchuang and Yingweike, have also achieved record stock prices, indicating strong market performance [5] - Zhongji Xuchuang has validated both EML and silicon photonics solutions with key clients, suggesting a potential increase in market share and profit margins [5] - Yingweike has made inroads into the North American market and is expected to secure a share of Nvidia's supply chain [5][6] Market Competition and Growth - The competition in the AI computing market is intensifying, with Google's TPU business posing challenges to Nvidia; however, this competition is expected to drive down computing costs and accelerate technological innovation across the industry [2] - Analysts predict that 26 Nvidia-related stocks will see net profit growth exceeding 25% in 2026 and 2027, indicating strong future performance [6] Stock Performance and Predictions - Zhongji Xuchuang has seen a remarkable increase of over 400% in stock price this year, with 32 instances of reaching historical highs [3][7] - Other notable stocks in the Nvidia ecosystem, such as Weichuang Technology and Maigemeite, are also projected to have significant net profit growth, with respective predictions of 69.82% and 111.25% for the next year [7]

每经AI快讯，12月24日，液冷服务器指数上涨2%，思泉新材触及涨停，同飞股份涨7.24%，精研科技涨 7.03%，英特科技涨5.31%，英维克涨5.12%。 ...

Market Overview - The market experienced a pullback after an initial rise, with all three major indices briefly turning negative. The ChiNext index saw an intraday increase of over 1% [1][2] - At the close, the Shanghai Composite Index rose by 0.07%, the Shenzhen Component by 0.27%, and the ChiNext index by 0.41% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9 trillion yuan, an increase of 37.9 billion yuan compared to the previous trading day [1][2] - Nearly 3,900 stocks in the market declined [1][2] Sector Performance - The Hainan Free Trade Zone concept showed localized strength, with stocks such as Hainan Haiyao, Hainan Ruize, and Hainan Development hitting the daily limit [1][2] - The lithium battery sector was strong, with Tianji Co. reaching the daily limit [1][2] - Liquid cooling server stocks surged in the afternoon, with Yingweike and Jitai Co. also hitting the daily limit [1][2] - The semiconductor equipment sector was actively trading, with Shenghui Integration and Yaxiang Integration achieving consecutive gains [1][2] - The non-ferrous tungsten sector performed well, with Xianglu Tungsten and Zhangyuan Tungsten both hitting the daily limit [1][2] Declining Sectors - The commercial aerospace sector saw a pullback, with Shunhao Co. and Aerospace Machinery falling to the daily limit [1][2] - The tourism sector experienced declines, with Qujiang Cultural Tourism hitting the daily limit [1][2] - Sectors such as lithography machines, batteries, and the Hainan Free Trade Zone saw the largest gains, while tourism and hotel, as well as commercial aerospace sectors, faced the largest declines [1][2]

Market Overview - The market experienced a pullback after an initial rise, with all three major indices briefly turning negative, while the ChiNext index saw an intraday increase of over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9 trillion yuan, an increase of 37.9 billion yuan compared to the previous trading day [1] - Nearly 3,900 stocks in the market declined [1] Sector Performance - The Hainan Free Trade Zone concept showed localized strength, with stocks such as Hainan Haiyao, Hainan Ruize, and Hainan Development hitting the daily limit [1] - The lithium battery sector strengthened, with Tianji Co. also reaching the daily limit [1] - Liquid cooling server stocks surged in the afternoon, with Yingweike and Jitai Co. hitting the daily limit [1] - The semiconductor equipment sector was actively traded, with Shenghui Integration and Yaxiang Integration achieving consecutive daily limits [1] - The non-ferrous tungsten sector performed actively, with Xianglu Tungsten and Zhangyuan Tungsten both hitting the daily limit [1] Declining Sectors - The commercial aerospace sector saw a pullback after an initial rise, with Shunhao Co. and Aerospace Machinery both hitting the daily limit down [1] - The tourism sector experienced declines, with Qujiang Cultural Tourism hitting the daily limit down [1] Index Closing - At the close, the Shanghai Composite Index rose by 0.07%, the Shenzhen Component Index increased by 0.27%, and the ChiNext Index gained 0.41% [1]

每经AI快讯，12月23日，午后液冷服务器概念持续走高，英维克（002837）涨停。此前，同飞股份 （300990）、中光防雷（300414）、川润股份（002272）涨停，奕东电子（301123）触及20cm涨停， 科创新源（300731）、荣亿精密、思泉新材（301489）、高澜股份（300499）等跟涨。 ...

Core Viewpoint - The article emphasizes the importance of tracking high-quality research reports and survey information to identify potential investment opportunities and market trends in the AI chip industry [1]. Group 1: Company Developments - A company has achieved a leading position in the global AI chip market by advancing the integration of server liquid cooling, hollow-core fiber, high-speed copper cables, power lines, and connectors [1]. - The company is accelerating product introduction in collaboration with a top AI chip firm, indicating strong growth potential in the sector [1]. Group 2: Industry Trends - Short-term disruptions are not expected to alter the trend of leading companies in the industry expanding their presence in overseas markets [1]. - Companies with overseas production capacity are anticipated to take on price-increasing orders in the future, reflecting a positive outlook for the industry [1].

3、近期资金利率快速下行，隔夜利率稳定在1.27%附近，2Y活跃券250017收益率今日继续下行至 1.372%的新低。长端利率受交易盘影响出现反复，10Y利率小幅回升至1.845%。资金利率维持低位反映 央行对债市态度偏呵护，期限利差扩大不利于货币政策传导。在流动性维持宽松的环境下，后续长端利 率或迎来一波修复行情，或可关注十年国债ETF(511260)进行布局。 1、今日A股延续上涨态势，集体收涨。上证指数收于3917.36点，上涨0.69%，深证成指收于13332.73 点，上涨1.47%。两市成交量继续回升，共计接近1.9万亿元。市场整体涨多跌少，上涨个股约3000家， 其中电子、通信方向领涨。在积极的政策与资金持续流入的推动下，A股后市仍然偏积极，有望实 现"开门红"行情。 2、2026年中国将延续宽松的货币政策与积极的财政政策，总需求有望进一步回暖。在经济回暖阶段， A500指数凭借对先进制造、信息技术、通信、医药、原材料等的超配，更容易释放相对收益。其年化 受益、夏普比率优于主要宽基，成长占优期弹性更强。近期资金流向显示，A500ETF位居净流入前列， 显示出资金对中证A500的持续偏好。感兴趣 ...

(本文来自第一财经) 苏州天脉公告，公司拟与李炜、刘晓川、吕磊共同投资设立合资公司天脉昇同科技（苏州）有限公司， 注册资本1亿元，其中公司认缴注册资本9250万元，占比92.5%。合资公司将专注于服务器液冷散热产 品的研发、生产和销售。本次拟设立的合资公司将按计划开展服务器液冷散热项目，合作各方将充分发 挥各自在技术、生产和市场等方面的协同优势。李炜、刘晓川和吕磊在服务器行业具有丰富的经验及资 源，预期能够有效推动标的公司服务器液冷散热业务的产品开发、客户验证等工作。 ...